Treasury Secretary Jack Lew on Monday warned congressional leaders that the government will run up against its borrowing limit by mid-October, setting up an earlier-than-expected deadline for what will be the fall’s most contentious battle between the Obama administration and Republicans.
Lew said his department will soon run out of the accounting maneuvers it’s been using to stave off default and warned lawmakers not to wait until the last minute to raise the debt limit.
“Congress should act as soon as possible to protect America’s good credit by extending normal borrowing authority well before any risk of default becomes imminent,” Lew said in a letter sent to the Hill Monday.
With some conservatves still calling for the defunding of the Affordable Care Act, and another round of sequestration cuts waiting in the rafters, does anybody think we’ll actually see Congress raise the debt ceiling without a protracted fight or two?
15:14 // 11 months ago
The man with the signature of a Hostess treat passed confirmation on a 71-26 vote, with no Democrats opposing.
23:03 // 1 year ago